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What is a Medicare supplement plan & how does it work for me?

If you're a senior citizen or someone with a disability who relies on Medicare for your healthcare needs, you may have heard about Medicare supplement plans, also known as Medigap plans. But what exactly are these plans, and how do they work? In this blog post, we'll explore the basics of Medicare supplement plans and help you understand whether they might be a good fit for your healthcare needs.


First, let's define what Medicare is.



Medicare is a federal health insurance program for people who are 65 or older, as well as certain younger people with disabilities and people with End-Stage Renal Disease (ESRD). It is made up of four parts: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage), and Part D (prescription drug coverage).


While Medicare covers many healthcare services, it doesn't cover everything. For example, it doesn't cover most dental care, eye exams related to prescribing glasses, hearing aids, or long-term care. That's where Medicare supplement plans come in.

A Medicare supplement plan is a private insurance policy that you can purchase to help cover some of the costs that Original Medicare doesn't cover. These plans are sold by private insurance companies, and they are designed to work alongside your Medicare coverage.



There are ten different types of Medicare supplement plans, which are identified by the letters A, B, C, D, F, G, K, L, M, and N. Each plan offers a different combination of benefits, and the cost of each plan varies depending on factors such as your age, gender, and location.



Here's a brief overview of what each Medicare supplement plan covers:

  • Plan A: Covers basic benefits, including Medicare Part A and Part B coinsurance and copayments, and the first three pints of blood per year.

  • Plan B: Covers everything that Plan A covers, plus the Medicare Part A deductible.

  • Plan C: Covers everything that Plan B covers, plus the Medicare Part B deductible, skilled nursing facility coinsurance, and emergency medical care when traveling abroad.

  • Plan D: Covers everything that Plan B covers, plus the Medicare Part B deductible.

  • Plan F: Covers everything that Plan C covers, plus the Medicare Part B excess charges.

  • Plan G: Covers everything that Plan F covers, except the Medicare Part B deductible.

  • Plan K: Covers 50% of certain Medicare-covered services, including the Part A deductible and coinsurance, hospice care coinsurance, and skilled nursing facility coinsurance.

  • Plan L: Covers 75% of certain Medicare-covered services, including the Part A deductible and coinsurance, hospice care coinsurance, and skilled nursing facility coinsurance.

  • Plan M: Covers everything that Plan D covers, plus 50% of the Medicare Part A deductible.

  • Plan N: Covers everything that Plan D covers, plus some copayments for doctor visits and emergency room visits.


It's important to note that not all insurance companies offer all ten Medicare supplement plans, and the availability of each plan can vary depending on where you live. Additionally, some plans may have more restrictions or higher costs than others, so it's important to do your research and compare plans before choosing one.


One of the biggest benefits of a Medicare supplement plan is that it can help you avoid unexpected healthcare costs.


If you have a Medicare supplement plan, you'll generally have very little out-of-pocket costs for healthcare services that are covered by Medicare. This can provide peace of mind and help you budget for your healthcare expenses more effectively.


In addition, Medicare supplement plans do not require prior authorization for healthca


re services. This means that you do not need to get approval from your insurance company before receiving healthcare services, which can be a time-consuming and frustrating process.


However, Medicare supplement plans do come with a monthly premium.


The premium you pay will depend on which plan you choose and which insurance company you purchase it from. In addition, some Medicare supplement plans may require you to pay a deductible before your coverage kicks in.


In conclusion, Medicare supplement plans are private health insurance policies that are designed to help fill in the gaps of coverage that Medicare does not cover. There are ten different plans available, each offering different levels of coverage. Medicare supplement plans are standardized by the federal government, meaning that each plan offers the same level of coverage regardless of which insurance company offers it. Medicare supplement plans provide predictable out-of-pocket costs, flexibility in terms of healthcare providers, and do not require prior authorization for healthcare services. However, they do come with a monthly premium and may require a deductible.



About Preferred Senior Benefits in Meridian, Idaho


Medicare is a federal program that provides healthcare coverage to individuals 65 years or older. Original Medicare coverage is broken into two parts—Part A and Part B—and is accepted by nearly every doctor and hospital in the country. Medicare Part A covers inpatient or hospital stays, while Part B covers outpatient or medical care. Together, Part A and B cover about 80% of the typical healthcare costs seniors face. This leaves a few significant gaps in coverage. Medicare Supplement (Medigap) and Medicare Advantage plans are policies designed to help extend coverage, lessen costs, and ultimately give beneficiaries peace of mind. If you or someone you know would like more information about how to enroll in Original Medicare or one of the Medicare Advantage plans, call now to speak with a licensed agent (208) 818-2523. We can’t wait to help you learn about your options.

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